Barkin said companies are reluctant to layoff workers even with consumption showing signs of moderating because the experience of the ultra-tight job market in the early months of the pandemic remain fresh in employers' minds. Shortly before Barkin spoke, the Labor Department had reported that a greater-than-expected 303,000 jobs had been created in March - the most since last May - and that the unemployment rate had dropped to 3.8% from 3.9%.
These indicators are painting a very rosy picture of the oil market despite supply and geopolitical worries.
The latest update on the labor market showed further signs of resilience while wage growth eased.
